What Happens If You Can No Longer Pay Any Debts

2010-07-21

 Generally speaking, pensions are exempt from seizure by creditors. Creditors can put a lien on your home, but only if you own your home. You indicate in your question that you are in good standing with your mortgage, which suggests that you do own your home. If you stop paying your mortgage, the mortgagee can start proceedings to sell the property. If you stop paying your other creditors, they will likely first start calling themselves or will turn the matter over to a collection agency. They may then try to get a judgment which can be used to seize your bank account or register a lien against your home (again only if you own it). If you require any additional information or would like to discuss your options, please contact the MNP office located closest to you. Here is the link to our offices in Ontario: http://www.mnpdebt.ca/contact/ontario/default.aspx

Latest Blog Posts

2025-06-03

How to set financial goals with your spouse

Kiu Lau

It can be difficult to discuss your finances with a spouse. These five steps can help you set and achieve financial goals together.

Read More

2025-06-03

Exercising caution with digital currencies: A guide for Canadians

Lindsay Burchill

Lifestyle Debt

As more Canadians explore digital currencies, it’s essential to understand the risks. Learn how to protect your investments from volatility, scams, and legal pitfalls, and make informed decisions with this practical guide.

Read More

2025-05-27

How to budget for a summer vacation

Alana Orrell

Lifestyle Debt

Here’s a comprehensive guide on how to budget for a summer vacation, ensuring you make the most of your trip without overspending.

Read More

Consultation icon